AI Regulation: Can Businesses Really Wait? | Neuways – Technologist

As an IT provider, the recent developments in AI regulation, particularly the European Union’s Artificial Intelligence Act, present both a challenge and an opportunity for UK businesses. Many organisations may be tempted to delay action while the UK government still works on its AI legislation. However, from a technological and security standpoint, a “wait and see” approach could expose businesses to significant risks, particularly in cyber security.

Emerging Regulations means companies need to keep up

While compliance with emerging regulations is essential, the article highlights that it’s only part of the equation. Businesses must recognise that AI can exacerbate security vulnerabilities if not adequately managed. Recent research shows that nearly one-third of security professionals lack a strategy to address AI risks, while 95% believe AI will intensify security threats. These stats underline the need for businesses to develop comprehensive strategies around AI risk management, cybersecurity, and data governance.

The bad side of AI

Furthermore, workforce concerns around AI are growing, with 63% of IT workers fearing AI could replace them within five years. This anxiety can stifle innovation, dragging on business productivity and competitiveness. As an IT provider, it’s essential to help clients implement AI solutions and ensure that their workforce feels secure and informed about how AI will support their roles rather than replace them.

Are companies ready to implement AI?

There is research to suggest that many businesses need to be more structurally unprepared for the complexities of AI, with 72% of respondents admitting that their cyber security and IT data are siloed. For an IT provider, this highlights the need for integrated systems and collaboration across departments to avoid blind spots and ensure a secure, cohesive approach to AI management.

What should businesses do? Are AI policies a requirement?

The recommended approach for businesses includes:

• Conducting AI audits.
• Establishing cross-functional governance committees.
• Developing clear, ethical AI policies.

IT providers are crucial in helping clients adopt these measures and ensure they stay ahead of regulatory developments. By doing so, businesses can turn AI into a competitive advantage rather than a compliance burden.

Navigating the evolving AI landscape without regulation

In conclusion, IT providers have a crucial responsibility to guide businesses through the evolving AI landscape, ensuring they comply with emerging regulations and leverage AI for innovation, security, and growth.